Starfuels Metals Commentary

Volatility & Flows Commentary

ClearPort Flows (As of 6-24-14 Close)

Symbol	Quantity	Strike	Structure	Price	Ivol	Hedge Month	Futures	Delta
OGQ4	825x450	1320/1300	Put Spread 3x2	31.00		GCQ4	1324.00	0.40
OGZ4	100x100	1500	Call Calendar	3.90		GCV4/GCZ4	1322/1322.40	.04/.08
OGZ4	100x100	1400/1500	Call Spread	11.50		GCZ4	1319.00	0.16
OGZ4	200	1275/1250	Put Spread 1x2	10.40		GCZ4	1319.00	ref
OGZ4	200	1225	Puts	12.70		GCZ4	1319.00	ref
OGZ5	500x500	1100/1500	Fence	15.30		GCZ5	1327.00	0.35
OGZ4	300x600	1200/1100	Put Spread 1x2	4.30		GCZ4	1321.00	0.02
OGZ4	40x40	1310/1270	Put Spread	15.50		GCZ4	1318.70	0.125
OGX4	300	1325	Straddle	79.00		GCZ4	1322.00	ref
OGF5	252	1325	Straddle	101.00		GCG5	1323.00	ref

PLOU4	100	1600	Calls	6.70		PLV4	1473.00	ref
PLOQ4	120	1500	Calls	14.20		PLV4	1474.00	ref

PAOQ4	100x200	850/800	Put Spread 1x2	15.70		PAU4	828.00	0.27

Straddle Runs & Skew Summary

updated Tuesday, June 24, 2014 6:59:39 PM GMT

Futures contracts, swaps contracts and options thereof (collectively "Commodities Contracts") involve risk of loss and are not appropriate for everyone. Past performance is not indicative of future performance. Any market recommendations or information communicated by Starfuels, Inc. ("Starfuels"), are based upon information obtained from sources believed by Starfuels to be reliable. Such recommendations and information may be based solely on the opinion of Starfuels and that such information may be incomplete and may be unverified. Starfuels makes no representation, warranty or guarantee as to, and shall not be responsible for, the accuracy or completeness of any information or trading recommendation furnished to you. Changes in market conditions may affect the foregoing market reports. Please contact Starfuels for firm bids and offers. The foregoing market reports are strictly those of Starfuels. This is a solicitation to enter into a derivatives transaction.

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